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Mauritius NewsWed, 28 Nov 2018 11:41:58 +0000en-UShourly1https://wordpress.org/?v=4.9.9https://www.capital-media.mu/wp-content/uploads/2018/06/cropped-capital-32x32.pngCapitalhttps://www.capital-media.mu
3232THE RUNAWAY COMMISSIONhttps://www.capital-media.mu/2018/11/the-runaway-commission/
Wed, 28 Nov 2018 11:41:58 +0000https://www.capital-media.mu/?p=4349The stage was set to what was to be the most important hearing of the Britam Commission. That of the man himself who had fathered the company and knew exactly how much it was worth. The secretary of the commission had even participated in a rehearsal on Monday along with Dawood Rawat at the other

]]>The stage was set to what was to be the most important hearing of the Britam Commission. That of the man himself who had fathered the company and knew exactly how much it was worth. The secretary of the commission had even participated in a rehearsal on Monday along with Dawood Rawat at the other end as to ensure smooth running of the hearing, scheduled for today at 3 pm.

Was the postponement a surprise? Certainly not. As per information gathered by Capital, one of the panelist was seriously disturbed by acceptance of former justice Domah to allow Dawood Rawat to make his submissions. Whereas the communique issued today afternoon claims that the main reason for postponement lies in absence of bullet points, it was known to many, as from yesterday, that the exercise would be called off. The elementary question the mind of any common man would prompt is ; “ Did any other person making submissions was asked to provide bullet points beforehand ?”

As for the “ legal issues “ the commission purports it has to look into , weren’t these meant to have been considered prior to acceptance of Dawood Rawat’s submission? It would be interesting to know who could possibly advise a seasoned person like Domah on these “legal issues”.

Former Justice Domah belongs to the select few who rightly enjoys the trust of the population. He has during his career stood out from the crowd with quite a few landmark observations packed with integrity and above all, common sense. Some of his former colleagues do find it strange, how he is able to bear the presence Satar Hajee Abdullah along his side at the commission, given the latter’s involvement in the whole affair.

According a former director of Britam. “The hype around the submission of Dawood Rawat has certainly scared a few who have a lot to hide”. It is believed the submission of Dawood Rawat would have provided a new direction to the commission and involved parties who have been unscathed till now. The submission of the Chairman Emeritus of BAI might have provided a better understanding of what had been the involvement of the likes of Peter Munga, Financial Secretary Dev Manraj, Super Consultant Afsar Ebrahim, Experts of PWC and Roshi Badhain.

Members of opposition at the national assembly are showing interest in the Britam Comission, the truth about the real reasons for postponement is a matter of concern and might feature in forthcoming sessions. With a growing number of people believing truth is being hushed and former Justice Domah has been coerced, it is clear something is rotten in the commission.

]]>THE BABY WALKER SHOWhttps://www.capital-media.mu/2018/11/the-baby-walker-show/
Mon, 26 Nov 2018 17:39:32 +0000https://www.capital-media.mu/?p=4340The bunch of self-proclaimed “strategists” ambushed at the PMO, are trying hard to impress with unimaginable stunts. Back in 2017 in “ Operation Broom” Pravind was seen trying to emulate Narendra Modi’s “Swachh Bharat Abhiyan “– the Clean India Mission. After a few videos & selfies along with his family members, he was never seen

]]>The bunch of self-proclaimed “strategists” ambushed at the PMO, are trying hard to impress with unimaginable stunts. Back in 2017 in “ Operation Broom” Pravind was seen trying to emulate Narendra Modi’s “Swachh Bharat Abhiyan “– the Clean India Mission. After a few videos & selfies along with his family members, he was never seen again handling a broom. Months later his walk alongside a pack of advisers to Grand Bassin was showcased as being even more prominent than the festival itself.

Since 2015, despite all the spin, pro MSM media outlets funded by government &parastatal bodies sprouting all over the place, have been unable to promote the interest of the government. The “strategists” are now plotting a “surprise” participation of Pravind in one of the famous shows of a private radio. The show usually facilitates interaction between the aggrieved citizens and public institutions / private companies . Pravind is expected to answer live to all questions set by callers. An excellent initiative and effective public relations promoting an image of daring, young and bold Prime Minister.

But, why Pravind who has within span of 2 years, established an unprecedented record of being “ The most unaware Prime Minister” and “The most evasive MP at the parliament” would want to take questions, live on radio? Strange indeed.
Well not if, the show is rigged with callers & questions predefined. Even more interesting if the anchor of the show features on the confirmed list of MSM candidates to contest next legislative assembly elections from constituency No 1 ( Grand River North West and Port Louis West).

]]>LEPEP Alliance – From bag of wind to farthttps://www.capital-media.mu/2018/11/lepep-alliance-from-bag-of-wind-to-fart/
Sun, 18 Nov 2018 20:37:07 +0000https://www.capital-media.mu/?p=4299The post LEPEP Alliance – From bag of wind to fart appeared first on Capital.
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Famous British novelist Eric Arthur Blair better known as Gorge Orwell stands tall in the history of mankind as one of the most prominent writers engaged against totalitarianism and social injustice. The clarity of Orwell’s language is such that some stories can merely be narrated by a single quote of his.

To depict the propaganda that has led this government to power in 2014, the fascist tactics deployed to expropriate BAI and till the current repeated waves of lies unleashed to manipulate public opinion on the issue of IREKO, what could be better than one of Orwell’s all time great quotes “ Political language… is designed to make lies sound truthful and murder respectable, and to give an appearance of solidity to pure wind”.

The multiple raids carried out as from the 6th April 2015 in various offices of BAI was motivated by the concern to secure various specific documents which are today missing. The reluctance of Pravind Jugnauth’s government to set up an Inquiry Commission on the whole issue of BAI is a blatant evidence of to what extent the rot rides the state.

Capital brings to you a first set of documents relating to the works carried out by IREKO in the Refurbishment of Old Parliament House bearing reference CPB/96/2009.

]]>INSIDE MENhttps://www.capital-media.mu/2018/11/inside-men/
Tue, 13 Nov 2018 18:43:26 +0000https://www.capital-media.mu/?p=4295Attending a function at Quartier Militaire on 13th August 2017, Pravind Jugnauth stated that the drug mafia was being helped by some people within the media. After much bragging, Pravind Jugnauth never did provide the Drug Commission with any submissions. Nor did the Lam Shang Leen Commission deem it important to seek further information following

]]>Attending a function at Quartier Militaire on 13th August 2017, Pravind Jugnauth stated that the drug mafia was being helped by some people within the media. After much bragging, Pravind Jugnauth never did provide the Drug Commission with any submissions. Nor did the Lam Shang Leen Commission deem it important to seek further information following his multiple statements on close links between the drug lords and the media.

For once Pravind Jugnauth got it right and yet again he ended shooting himself in the foot. All the shady media persons, currently form part of the government’s propaganda brigade. Some are ambushed in newsrooms funded exclusively by government and other public institutions. Had retired judge Lam Shang Leen bothered to look into the networks of these media persons, he would have opened a spine chilling Pandora’s box. Had Pravind Jugnauth ordered his National Security Service to direct their state of the art Israeli phone tapping system onto people loitering regularly within the corridors of the PMO, he might have discovered how some of his mam’s ‘really got talent’. Particularly a few of them who work for the ‘ Horse racing mob’ and the ‘ Real estate mob’, both closely knit with the drug mafia.
We can only wish, Pravind Jugnauth is ( as he often claims) naïve and really unaware of the doings of the ‘Inside men’ around him. Then again, he who is so fond of suing everybody at the slightest shadow of libel, is astonishingly silent when Harish Boodhoo, the one who led SAJ to power keeps saying ‘ Les Jugnauth devraient être les derniers à venir parler de la drogue’.

Throwing stones has been one of Pravind Jugnauth’s favorite sport and he would have been a legend, had he not been living in a glass bowl.

]]>Former minister on spending spreehttps://www.capital-media.mu/2018/10/former-minister-on-spending-spree/
Sun, 21 Oct 2018 11:04:28 +0000https://www.capital-media.mu/?p=4290He owes his political career to his laptop, a software and idiocy of his party members. Back in 1991, he impressed his leader with a few colourful slides indicating a definite loss at the elections. This was enough for him to secure a seat in the following elections (1995) . The split in the alliance

]]>He owes his political career to his laptop, a software and idiocy of his party members. Back in 1991, he impressed his leader with a few colourful slides indicating a definite loss at the elections. This was enough for him to secure a seat in the following elections (1995) . The split in the alliance paved way for his entry into the cabinet and history holds no record of any achievement, which obviously led to a bitter defeat in 2000. Back to power in 2005, he was nominated at the head of a 5 star government institution, which he ran for 9 years. He, who had been loitering around during the period 2000- 2005 with a begging bowl, went on to accumulate wealth estimated at around MUR 350 m. He had acquired a few Villas in some of the most prestigious properties on the island before going underground for a while.

He is certainly one of the few untouchables and also the mastermind behind one of the country’s still “officially” unsolved mysteries, wherein millions of euros were found in the luggage of a driver loitering in Switzerland. Obviously MRA ignores his whereabouts.

Lately, he has been investing millions in the Leisure & Entertainment sector. The bloke is on a spending spree and maybe he will make his comeback in politics with countrymen sitting idly like pins waiting to be bowled.

]]>HINDUJA SNAPS MAUBANK FOR USD 100 mhttps://www.capital-media.mu/2018/10/hinduja-snaps-maubank-for-usd-100-m/
Thu, 18 Oct 2018 20:38:35 +0000https://www.capital-media.mu/?p=4286The roller-coaster ride of MauBank has reached a new stop, with Hinduja Group settling for USD 100 m. With no hurdles expected from Governor Goolgoolye, the endorsement by the Bank of Mauritius only seems to be a formality, ending 2018 on a happy note for the Hindujas . Since the Jugnauth led government launched its

]]>The roller-coaster ride of MauBank has reached a new stop, with Hinduja Group settling for USD 100 m. With no hurdles expected from Governor Goolgoolye, the endorsement by the Bank of Mauritius only seems to be a formality, ending 2018 on a happy note for the Hindujas .

Since the Jugnauth led government launched its midnight riot over the Bramer Bank back on 3rd April 2015, over USD 182 m have been injected in the setting up of National Commercial Bank ( NCB) and later merging of the Mauritius Post & Cooperative Bank to create MauBank. It is also believed there is a debt impairment worth USD 80 m which will soon hit the headlines, with the habitual cronies of the government involved in looting the bank.

New international regulations allowing tax probes and bank-data exchange between governments, have seriously disturbed the comfort of billionaires stashing their money in Swiss coffers. The crack down on Switzerland’s age old opaque private banking practices, led Indian billionaire Gopichand Hinduja in 2016, to publicly forecast an exodus of world’s richest people to havens in middle east to house their assets. In his own words, the prominent shareholder of Hinduja Group stated “People are finding new havens. I don’t think Switzerland can maintain its importance in banking.”

The Hindujas have the knack of getting embroiled in controversies. In 2005 , they were cleared from all charges pressed against them in the Bofors arms deal, after a 14 years legal process costing billions. In 2014, the Hinduja Bank based in Switzerland was probed for noncompliance to money laundering laws and hosting accounts of clients assessed as high risk.

The Hindujas – Mauritius relationship , is also a tale of sadness. In 1992, defying the family marriage tradition, 22 year old Dharam Hinduja, only son of Srichand Hinduja committed suicide by self-immolation in a cheap lodge room in Mauritius. Dharam Hinduja had married the love of his life, Ninotchka Sargon, an Australian of Roman Catholic faith and fled to Mauritius fearing the wrath of his family. With then Prime Minster Anerood Jugnauth offering every possible support following call from his counterpart , P V Narasimha Rao, the couple was tracked down within 24 hours. Both husband and wife entered into a suicide pact which left Dharam with 70% burns. He was jetted to Queen Mary’s Hospital in Britain, where he died 2 days later, leaving his father devastated.

Their accession to Britain’s league of richest people was unimaginable 50 years back. Today the Hindujas own landmark properties which were once the pride of the crown. Their success is the result of many shrewd and daring moves and when it comes to business, the Hindujas are ruthless. Pitted against a government which, even partisans agree, appears like a poultry of headless chicken, the negotiations with the Hindujas was a walk over, right from the beginning.

The Bramer Bank which had overnight been entrusted to SBM ( a listed company), then branded as NCB within a week and later on merged with MPCB to form MauBank was bound to fail with such overdose of political interference. Had it not been for the media, the Jugnauth led government would have had its stooge imposed as CEO of the new entity. Observers claim, this is also the most blessed time for thieves willing to loot, pocket commissions on unsecured loans, write off debts, award contracts and transfer funds. The regulators and Jugnauth led government are willing to allow the Hindujas to walk into the Bank with USD 100 m, while the same people had objected when Britam Kenya proposed to save Bramer Bank by agreeing to inject the USD 100 m imposed by the Bank of Mauritius. The SME bank which the Jugnauth government has been boasting about in 2 consecutive budgets, promising to be the driver of the new economy, will soon be the bling bling Bank hosting the shady accounts of billionaires fleeing Switzerland.

]]>FM Broadcasting Radio Licensehttps://www.capital-media.mu/2018/10/fm-broadcasting-radio-license/
Sun, 14 Oct 2018 04:11:37 +0000https://www.capital-media.mu/?p=4280THE MASQUERADE At a time when Virtual Reality & Internet of Things (IOT) are driving industries across the globe, on the tiny rock in the middle of nowhere, 17 companies are wrestling for 3 additional FM Radio Broadcasting Licenses. Down in his grave at the Basilica di Santa Croce in Florence, Guglielmo Marconi must definitely

At a time when Virtual Reality & Internet of Things (IOT) are driving industries across the globe, on the tiny rock in the middle of nowhere, 17 companies are wrestling for 3 additional FM Radio Broadcasting Licenses. Down in his grave at the Basilica di Santa Croce in Florence, Guglielmo Marconi must definitely be a happy man.

The Basilica also hosts the grave of one of the finest thinkers of the Renaissance period Niccolò Machiavelli. A character whose immense mastery of the mind would not suffice to understand the rationale of the whole exercise in a market which is shrinking by the day. If there is to be an explanation, then it certainly has more to do with political sense rather than business case.

The contribution of all 3 private radio stations during the last general elections cannot be ignored and with the current term nearing its end, strategies are unfolded by the remnants of l’alliance Lepep to ensure their stay in power.

Out of the 17 contenders only three will be awarded a FM Radio Broadcasting License . As per reliable sources within the Government, the two contenders guaranteed of securing a license are : 1) Mayfair and Purely Communications Ltd 2) First Talk Ltd .
Though the proposal is built around former Officer of Board of Investment ( BOI) Arvind Nilmadhub, the man to watch out for is Balkrsihna Choolun, known as Vedan Choolun Director of UK based Internet TV Network UiTV. A man said to be one of MSM’s London boys. The sharpness of Vedan Choolun is such that early 2017, he had already engaged a specialized firm, Clyde Broadcast to design a turn key proposal for a radio station in Mauirtius ….. when officially the invitation for submission of proposals by IBA was published on 15th February 2018. With UiTV’s recent twist, engaging in pro Pravind Jugnauth propaganda, Members of Parliament will be willing to clear doubts on the possibility of collusion.

The second favorite to obtain a FM Radio Broadcasting License, is the company belonging to a man who since 2015 has been blessed with Midas touch. In fact every step of Chintamanee Gohin leads him to a field of gold. So amazing, that he ranks high on the watch list of Opposition MPs who believe he is the new “Gooljaury”. First Talk Ltd is the latest of a string of companies set up by Chintamanee Gohin, also known as Sunil Gohin. Right from IT consultancy Services, Gambling & Betting , Data Processing, Online Publishing , News Agency, Sunil Gohin is surfing the wave along with the fascinating omnipresent Ms Yarchana Lokee. From Quatre Bornes to London it’s been a silky route for the duo, with Mauritius Telecom as a lucky talisman in most of the ventures. To the extent that most of Sunil Gohin’s offices have been moved so close, that one could easily mistake them for subsidiaries of our national telecommunications company. Though other bidders do enjoy support of the government and MSM, Sunil Gohin has a definite edge, view his readiness to get the radio live within a short span. Just as in the case of Vedan Choolun, former employees of Inside News affirm Sunil Gohin had begun preparations prior to February 2018.

There are however a few challenges lying ahead, namely :i) the migration of frequency which is being unfairly imposed on the current 3 private radio stations, willing to resist ii) the funding of most of the projects which will be done by none other than the State Bank of Mauritius, itself plunging down steeply iii) the availability of competent personnel, view most of the targeted people anticipating the joy to be short lived, have turned down unimaginable offers.

We do owe respect to other bidders, particularly a couple of them who naively do believe Fools day is only on 1st of April. The race to the third spot is wide open but not for them to grab. The focus will be on the behavior of one particular board member of the Independent Broadcasting Authority. Will the Solicitor General, Dheeren Dabee play along the script of this masquerade?

]]>New policy to accommodate Pentecostal Churcheshttps://www.capital-media.mu/2018/10/new-policy-to-accommodate-pentecostal-churches/
Thu, 11 Oct 2018 20:45:56 +0000https://www.capital-media.mu/?p=4272The government led by Pravind Jugnauth is about to introduce new policy reviewing the status of Pentecostal Churches & Congregations. The news comes following meeting between Pravind Jugnauth and representatives of Pentecostal churches, organized by Etienne Sinatambou, prominent member of the Gospel Church. The move is seen by observers as being politically mooted and in

]]>The government led by Pravind Jugnauth is about to introduce new policy reviewing the status of Pentecostal Churches & Congregations. The news comes following meeting between Pravind Jugnauth and representatives of Pentecostal churches, organized by Etienne Sinatambou, prominent member of the Gospel Church.

The move is seen by observers as being politically mooted and in line with the multiple ongoing strides of Pravind Jugnauth to pitch himself against former Prime Minister, Navin Ramgoolam, all while shielding his ailing government. However, the recognition of the Pentecostal congregations as a distinct entity was one of those secret pre-election promises made by Anerood Jugnauth himself to the pastors , against their support during the elections of December 2014. A few political analysts had even reached the conclusion that Navin Ramgoolam’s defeat in his constituency was due largely to the swing in votes of members of the Pentecostal congregations.

The Pentecostal movement has known an amazing growth over the last decades and has changed the contours of both the religious & political landscape. Various studies conducted across African countries reveal a change in the traditional political behavior of Pentecostal Congregations. From usually supporting the government of the day, they are now actively involved in politics. In Mauritius shepherds of churches have been openly campaigning for specific candidates, lobbying for posts and advocating policies. It is estimated that a whooping MUR 1 billion has been invested in infrastructure over the last years by various Pentecostal congregations while investment in various economic activities accounted for more than MUR 5 billion. Real estate sector scoops the larger chunk of these foreign investments mostly originating from Luxemburg while companies operating in the manufacturing sectors & offshore management have been acquired. Many foreign nationals belonging to Pentecostal congregations have secured high profile jobs in leading private sector companies. Members of the various congregations account for nearly 10% of the population. Some congregations are also known to be extremely generous when it comes to donations to political parties.

Though politicians from various parties do welcome the recognition of Pentecostal congregations, they are however cautious in extending their full support. The immediate reason being the backlash such a move would provoke from other religious groups who have been pushing for laws prohibiting proselytising activities. But the main issue would however arise on clash of ideologies, with Pentecostal having strong views on subjects such as: abortion, gaypride , alcohol and depenalization of soft drugs.

At the meeting with pastors and representatives of the Pentecostal congregations, it is certainly not a coincidence Pravind Jugnauth chose to ride his high horse of morality. Except for the fact, it must have been very embarrassing for many within his own government as well as for the two ministers and one sitting judge involved in drafting of the policy.

]]>Courts Mammouth ON SALE FOR 1 BILLIONhttps://www.capital-media.mu/2018/10/courts-mammouth-on-sale-for-1-billion/
Sat, 06 Oct 2018 00:45:54 +0000https://www.capital-media.mu/?p=42673 years since the take- over, of Courts and yet the leading retailer of Consumer Products is heading for a roller-coaster ride with David Issacs looking to sell the company for MUR 1 Billion. A juicy piece of business for the Issacs led consortium which only disbursed MUR 360 m and also very revealing of

]]>3 years since the take- over, of Courts and yet the leading retailer of Consumer Products is heading for a roller-coaster ride with David Issacs looking to sell the company for MUR 1 Billion. A juicy piece of business for the Issacs led consortium which only disbursed MUR 360 m and also very revealing of the true value held by BAI subsidiary back in April 2015.

Courts Mammouth is owned by Mammouth ( Mauritius) Ltd and its shareholders are : Webber Issacs David Alexander ( David Issacs) , Latitude Investments Ltd ( Robert Simon Beecham based in UK), Cohen Bruce James Rodney ( Based in UK), Sevastaki Aikaterini ( Based in UK), Elle-M Ltee ( Ashok Prakash -Sonah , based in Sutton,UK) and Ehsan Issop Fakim.

Accounts filed by the management company Mammouth Trading Co Ltd for Financial Year ending 31 March 2018, indicate a turn over of MUR 1, 642, 868, 000. The main contenders lined up for a take over are : CIM and ENL. Both of which have benefitted significantly from the controlled demolition of BAI, by the Jugnauth led government. This new twist, comes as a silver lining of the dark story and throws wide open the Pandora’s box leaving people to see facts concealed back in April 2015.

A tale, too good to last

End of 2004, following ongoing financial strains, Courts Plc, the parent company based in London is placed into administration and KPMG London as administrator invited buyers from around the world to bid for the 84% of the shares ( the remaining 16% being held by the public through the stock market). Courts Mauritius drew the interest of many investors with BAI and Rogers being the most prominent names. The BAI outbid its rivals with an offer of USD 25 m ( MUR 750 m – as per exchange rate of Nov 2005). Within a decade, the number of stores leapfrogged from 13 to 29, with the opening of Victoria Courts in Nairobi being the highlight of the new impulse. Courts had managed to churn its stores into a terrific powerhouse with its wide assembly of brands and franchises. In terms of figures, as at April 2015, the credit book of Courts was valued at over MUR 1 billion.

The Shylock of Bell-village

Here is an interesting chapter which does have its fair share of relevance . Back in 2005, the BAI overcame both the Taylors and Espitalier Noel who were jointly running Rogers, whilst being today the only rivals (CIM of Taylors v/s ENL of Espitalier Noel) in the current race to secure Courts Mammouth.
However the smartest of them all is beyond any doubt, Webber Issacs David Alexander ( David Issacs), who under 3 different ownerships, has managed to survive and retain control over the operations. Those who have worked alongside David Issacs describe a shrewd person talented enough to fool a pack of wolves into eating each other. According to sources from former management of BAI, if there is one person who has lot to hide, it is David Issacs. Interaction between directors of BAI and Courts Asia chief executive Terry O’Connor has revealed that years back, Courts Asia had expressed its wish to partner with Courts Mauritius in view of achieving a wider regional expansion. The letter intended to the shareholders of BAI and addressed through David Issacs, never reached its destination. Must be one of those legendary Jewish conundrum.

Former directors recall one of the clashes which sparked a rift between the David Issacs and the Board. It was observed that David Issacs paid commissions to himself on sourcing of goods, whereas shareholders were systematically deprived of dividend pay outs. Another major clash goes back to objection by David Issacs and Ehsan Issop Fakim on the capitalization of the credit book. Paradoxically, upon securing the ownership of Courts, the very first action by the same David Issacs and Ehsan Issop Fakim would be to hand over the Credit Book to CIM, which withdrew its offer in the bidding process. The inseparable duo sharing a bond strong enough to bring peace to the middle east, have been partners in all manoeuvres leading to the forceful scrapping of Courts Asia.

When vultures flock to feast

Courts Asia responded to the invitation for expressions of interest within 6 days ( 19th May 2015) and was officially informed on July 31st that it had been retained as preferred bidder. However, it was the government which announced that the consortium led by Mr David Isaacs had faired in the bidding exercise. In a statement to The Straits Times of Singapore back in 2015 , Courts Asia Chief Executive Terry O’Connor narrated his bitterness about having been so unfairly treated, and ousted at the 11th hour. As per his own words “There’s a lot of smokescreen here ( Mauritius) , but if you cut to the chase, it looks like the process has been completely circumvented by the minister in charge. Perhaps we’ve dodged a bullet if Mauritius is like that and treats investors this way ”
The 3 main persons involved in this exercise had been Roshi Badhain ( Minister of Financial Services & Good Governance), Dev Manraj ( Financial Secretary) and Yacoob Ramtoola, special administrator & senior partner at BDO.

Courts Asia fell prey to the vast propaganda orchestrated by the obscure forces consisting of politicians government officials, media, employees and even trade unionists who played their role to perfection. The offer from Courts Asia was portrayed as not taking into consideration social factors. David Issacs mustered the support of local suppliers and even had a petition signed by the employees endorsing his proposal ( without having the faintest of idea of its content). Roshi Badhain roped in trade unionists who were paraded during prime time news. It was all part of a psychosis spun to instill fear. In fact, we do gather from a source having been involved in analyzing the offers, that the proposal from Mammoth (Mauritius) Ltd , had to be rejected straight away on grounds of non-compliance.

Even more astonishing, the initial bid of Mammoth (Mauritius) Ltd was brought down from MUR 400 m to MUR 360 m. A discount of MUR 40 000 000 which must be somewhere in the cyberspace. The only increase has been in the number of employees fired which initially stood at 120 which later on increased to over 200 and 115 redeployed to CIM.

Questioned on this particular issue, Khushal Lobine intervening on behalf of the leader of opposition, has reiterated call, made by Xavier Duval previously in parliament, for setting up of a commission of Inquiry on the whole issue of BAI. Khushal Lobine affirms “ If the government deemed necessary to have a Commission of Inquiry on the sale of shares held by BAI in Britam Kenya, the same logic should apply to the whole of BAI.” . Kushal Lobine further questions the rationale applied in evaluating the company, “ If after such disgrace and downfall, Courts Mammouth is said to be worth 1 billion now, then what was its value at the peak of its story in 2015? Truth cannot be concealed eternally”

]]>Hands up ……………..It’s not over yet!https://www.capital-media.mu/2018/09/hands-up-its-not-over-yet/
Tue, 11 Sep 2018 21:09:22 +0000https://www.capital-media.mu/?p=4261Over the last months, the SBM Bank ( Mauritius) Ltd has been repeatedly embroiled in various scandals, impacting on the soundness of its repute. Amidst the ongoing turmoil, government is all set to announce the appointment of Kris Lutchmeenaraidoo as Chairman of the Bank in replacement of departing Nayen Koomar Ballah. Serving since September 2016

]]>Over the last months, the SBM Bank ( Mauritius) Ltd has been repeatedly embroiled in various scandals, impacting on the soundness of its repute. Amidst the ongoing turmoil, government is all set to announce the appointment of Kris Lutchmeenaraidoo as Chairman of the Bank in replacement of departing Nayen Koomar Ballah.

Serving since September 2016 as Secretary to Cabinet and Head of the Civil Service, Nayen Koomar Ballah has been the Chairman of the SBM Bank. A position which initially according to various sources within the government was to be attributed to Dev Manraj, current Financial Secretary, also until 2015 Senior Adviser to former prime minister Navin Ramgoolam. The appointment at the bank, required the prior approval of the Bank Of Mauritius ( BOM). Based on Dev Manraj’s involvement alongside his notorious business partner Teeren Appasamy in the MCB scam, the BOM refused to endorse the appointment. Thereby rating current Financial Secretary and Chairman of Financial Services Commission as not being Fit & Proper.

Following the “resignation “ of Raj Dussoye , Kris Lutchmeenaraidoo was on the verge of being appointed as CEO of SBM Bank. However, his previous track record at the SBM whereby he was forced to resign from his post by then General Manager S. Nagarajen on grounds of serious violations of Banking regulations bringing disrepute to the Bank, had caught up with him. Moreover, according to senior cadres at the Bank, Kris Lutchmeenaraidoo could never have been a contender, given his poor academic record. According to these sources, he does not even carry a HSC certificate which is mandatory for obtaining consideration for the post of CEO.

With the appointment of Parvataneni Venkateswara Rao as acting CEO, which most likely will be made permanent, pressure from various quarters had eased off for a couple of weeks, until the announcement of the departure of NK Ballah. This time however, political nominees within the government have lobbied intensely for the appointment of the CEO of SBM Mauritius Asset Ltd and director of SBM Infastructure Development Ltd, as Chairman of the SBM Bank ( Mauritius) Ltd.

Cadres within the Bank forecast the Chairmanship of Kris Lutchmeenaraidoo as being “the worst possible signal at the darkest moment of the Bank’s history”. Members of the opposition, stand convinced the bank is running at full speed into a wall, dragging the whole sector along with it. One of the members of opposition, who until recently had formed part of the governing alliance, alleged “the prime minister has a strange track record with banks* and the policy of this government seems to be – A bank which is not robbed, is not a bank”.

*Pravind Jugnauth had previously served as legal advisor of various banks. One of controversies political opponents recall relates to Rs 5 million borrowed by Pravind Jugnauth and which was meant to be offset against future services. The bank ended up closing down within days.